Nigeria's economy grows by 0.82 percent to solidify exit from recession

The Nigerian economy grew by 0.82 percent in 2017, to consolidate a post-recession period.

The 0.82 growth rate represents the cumulative 2017 Gross Domestic Product  (GDP) ratio for the Nigerian economy.

Nigeria slipped into a recession in August 2016 following two consecutive quarters of negative growth.

The Nigerian economy contracted by -1.58 percent in 2016.

Oil still gold

On September 5, 2017, the National Bureau of Statistics (NBS)announced that Nigeria had emerged from its worst recession in 29 years.

Nigeria’s GDP grew by 0.55% in Q2 2017 compared to -0.91% (revised) in Q1 2017 and -1.49% in Q2 2016.

Relative stability in the oil rich Niger Delta region contributed to the upturn in the country’s economic fortunes in 2017.

According to the NBS, the oil sector was estimated to have averaged production levels of 1.84 million barrels per day, which is 0.15 million barrels higher than the daily average production recorded in the first quarter of June 2017.

Diversifying

The Agriculture, Finance and Insurance, Electricity, Gas, Steam and Air-conditioning supply and other services sectors grew by 0.45% in real terms in 2017.

The latest NBS report states that GDP growth in the fourth quarter of 2017 was fuelled by growth in crop production, crude production and natural gas, metal ores, construction, transportation and storage, trade, electricity and gas production.

Crop production grew by 4.58 per cent in the fourth quarter of 2017 when juxtaposed with 3.19 per cent in the third quarter of 2017.

Crude oil still accounts for Nigeria's recent economic recovery, however.

Crude production grew by 8.38 per cent in the fourth quarter of 2017.

The metal ore sector grew by 31.86 per cent in the fourth quarter of 2017 compared to 10.70 per cent in the third quarter of 2017.

The Buhari administration seeks to diversify the nation's economy. Oil has remained the mainstay of the Nigerian economy since the 1960s.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Buhari expresses sadness over Kano tragic boat accident

Buhari expresses sadness over Kano tragic boat accident

Kano Boat mishap: 14 people still missing – Commissioner

Kano Boat mishap: 14 people still missing – Commissioner

Reps urge IGP to remove illegal checkpoints on roads nationwide

Reps urge IGP to remove illegal checkpoints on roads nationwide

Yahaya Bello presents 2 houses to wives of late police escort

Yahaya Bello presents 2 houses to wives of late police escort

ISWAP kidnaps Borno Govt officials

ISWAP kidnaps Borno Govt officials

Buhari salutes Ogbonnaya Onu at 70

Buhari salutes Ogbonnaya Onu at 70

Her Network announces 2021 nomiees for 5th annual Woman of the Year Awards

Her Network announces 2021 nomiees for 5th annual Woman of the Year Awards

2023 elections: Get your PVCs now NANS tells students

2023 elections: Get your PVCs now NANS tells students

Unvaccinated Civil servants locked out of office as FG's deadline elapses

Unvaccinated Civil servants locked out of office as FG's deadline elapses